Fidelity International plans to launch a number of mutual funds targeting different asset classes in mainland China to tap the world’s second-largest asset-management market, which is expected to grow to $40 trillion by 2030, reports the South China Morning Post. “The mutual fund market in China is growing rapidly and giving us massive opportunities,” Rajeev Mittal, managing director for Asia-Pacific ex-Japan, told the Post in an exclusive interview.
“We have been growing our team and building up our investment platform in China in recent years, which has been one of our big strategic initiatives.”
The firm entered mainland China in 2004, setting up representative offices in major cities. Last December, it was among the first batch of foreign funds allowed to tap the country’s retail market without a local partner.